Question
After breaching his contract to buy Cindy Loo Who's home in Whoville, Max D. Grinch taunted Cindy that she would never see a dime of
After breaching his contract to buy Cindy Loo Who's home in Whoville, Max D. Grinch taunted Cindy that she "would never see a dime" of the $75,000 that he had deposited with Dithering Escrow just after signing the purchase/sale agreement.
According to the terms of their agreement, based on Max's conduct, the agreement and the escrow clearly were over, and Cindy legally was entitled to that money.Cindy contacted Dithering Escrow and orally demanded that the escrow company formally cancel the escrow and immediately pay her that $75,000.
Under these circumstances, what will happen?
(a) State the legal position/role of escrow in a real estate purchase/sale transaction, specifying what gives the escrow agent power to act; (b) state what escrow must do (and/or wait for) when one party is in breach of contract; and (c) explain what this escrow should do with the breaching buyer's deposit money.
can gather information from google as long as it is correct.
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